OSB Daily Technical Analysis for October 6, 2014

Gold slashed through $1200 on Friday closing at 1191.40. This opens up the Gold market for a possible move to $1275 in the near term. Some bounce around and retest of the $1200 level is likely as buyers and sellers settle in for the next down leg. Bearish.

Silver  broke below $17.00 on Friday finding support at the $16.60 area. Market is likely heading lower with some bounce back above $17.00 possible. Bearish.

Copper (Comex) closed at $299 on Friday just below the key $300 mark. Some consolidation and range bound action at this level is likely before resuming next down leg. Bearish.

Crude Oil gave up gains from previous day’s session on Friday closing below $90. Market is likely to consolidate at this level and ultimately grind lower. Bearish.

 

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